FTSE 100, Dax and S&P 500 move higher in early trading
After yesterday’s recovery, indices are showing fresh signs of strength, continuing their overall rally from late October.
FTSE 100 rally gets going again
The FTSE 100 has shrugged off Monday’s weakness and has pushed higher, rallying from 6518. The path of least resistance continues to be higher, with the index targeting more gains towards the early March high of 6874. A reversal below 6500 begins to reverse this view, with a drop below 6400 cementing a negative short-term outlook.
Dax still stuck in its 200-point range
The DAX price rallied from 13,200, but remains within the trading range of the past three weeks, and below 13,400 resistance. Another attempt to push higher may come about today, with a move above 13,400 targeting 13,600 and then 13,800. Unless sellers can get the price below 13,200 the outlook does not seem particularly promising for them.
S&P 500 continues its march higher
The steady but modest rally goes on, the S&P 500 enjoying a quiet move higher since mid-November. The rising trend channel continues to hold, and for the moment the sellers have been firmly shut out. A move below 3650 might point towards some near-term weakness.
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